Beauty-on-demand service MyGlamm has raised a further Rs 35 crore from French beauty brand L’Occitane, which has already invested Rs 26 crore in the company, to help enable its expansion into the Indian beauty market.
The L’Occitane investment is said to be a bridge to help the new company commence its expansion, with the money being used for new products to launch into India by July.
Chief executive Darpan Sanghvi said to TimesofIndia.com, “Our vision is to go global and we need a large round of $30-40 million for that, so we just needed a sort of springboard right now to get to that.”
The launch into the Indian market will include 100 new products, beauty education for customers and the launch of five stores in Mumbai and New Delhi by year end.
US private equity firm Tano Capital also invested in the firm last year, with Sanghvi suggesting the company was looking to pay Rs 200 crore from investors in order to continue its global expansion.